During the week the price of Litecoin fell from $40.113 on Monday to the current levels at around $35.40. Thus, the cryptocurrency has depreciated in price by 11.83%. The price went further up to around $42 area on Tuesday making a higher high surpassing the previous one at $37.312. From there the altcoin fell quickly to $34.57 and has recovered to its current level at $35.358.

On the hourly chart, the price dropped from the $39.732 level today, decreasing by 12.62% in one go. The LTC/USD is on the current uptrend support line now and has bounced off of it nicely as since the interaction occurred 1.95% green candles were formed. This isn’t still enough to say that it won’t continue going lower and break the support level as the momentum behind the sell-off looks strong.

From the start of the week, the price of Bitcoin was in an upward trajectory and has come from yesterday’s open at $3580 to $3801 at its highest point yesterday. Since yesterday’s high, the price has been retracing and is currently sitting at $3729, which is an overall increase of 4.07%.

Looking at the hourly chart you can see that the price action has created a minor descending channel in which the price is retracing from the moment it hit the 0.5 Fibonacci level. As the wave structure looks impulsive, I believe that the move to the upside has one more wave to go. That is why after the retracement I would expect the price of Bitcoin to go up to $3880 before this move has ended.

Last Thursday the price of #Litecoin was $39.8. From there it started falling down fast as it came from $39,75 to $32,72 at the lowest point on the same day, which is a drop of 17.5%. The price continued its downward trajectory and reached $32.5 on Friday, but the price stabilized around $32.48 level over the weekend and even started increasing on Sunday when it came up to $33.426. But more movement to the downside has been made from there as the price came down to $30.47 on Monday.

From there on the price has started increasing and came up by 9.76% as it reached $33.366 slightly above the 0.5 Fibonacci level. But since it also came to the minor downtrends resistance it started decreasing again. Hence, the sellers pushed the price back below the 0.5 Fibo level again with a struggle at first. Then the sellers showed more determination as a large 5% red candle occurred, which is only 2% lower from the previous green one to the upside.

From last week’s analysis on Tuesday 15th when the price of #Bitcoin was $3761 measured to the current level of $3560, we have seen a decline of 5.32%.

Looking at the hourly chart, you can see that the price of Bitcoin was steadily decreasing from last Tuesday’s price at first. But then later during the day it dropped by 2% in just one hour coming down from $3713 to $3640, where the ending point of the first wave of the previous impulsive move to the upside or Minute W wave, where some support was established. During the rest of the last week, the price has gone sideways and stuck in a range between $3640 and $3723 (interrupted purple lines).

Since last week’s analysis on Thursday 17th when the price of Litecoin was $31.9, the price of the cryptocurrency has been going sideways to $30.755, the lower line from the range, which is stuck, and then to the upper resistance line of the range around $33.742.

Looking at the hourly chart, you can see that the price action created a consolidative range, which looks like a descending triangle between the 0.618 and the 0.5 Fibonacci level. The price went above the 0.5 Fibonacci level on Saturday and interacted with the upper line resistance level at $33.742. After an interaction the price fell quickly down to the range support line at $30.755 and stayed around there retesting it again on around Monday.

Since last week when the price of Bitcoin was $3593 on Monday, the price has increased at first to $3666. It was an upper level from the range where the price was bouncing inside throughout most of the week. Then an attempt has been made to breakout from that range on the upside on Saturday when the price came up to $3705 and spiked even further to $3750.

The attempt ended as a fakeout and the hourly candle was left with a huge wick, which entered sellers’ territory and activated the selling. It caused the price to go down back to the support line of the range where it was bouncing before finally. It started breaking out from the range on the downside and has fallen to $3429 at its lowest point today.

Since last Thursday when the price of #Litecoin was $32.3 things haven’t changed much as the price is currently at the same levels.

Looking at the hourly chart, you can see that this didn’t happen in a straight line as the price of Litecoin went further up and came to $34.254 from last Thursday’s price, which was on the 0.786 Fibonacci level. But since the price encountered resistance there it was rejected and went down to the next horizontal level to find support, which was slightly above the 0.5 Fibonacci level or in price terms at $30.755.

At the moment of the last week’s analysis on Tuesday 29th of January, the price of Bitcoin was $3430 at its lowest point. That was the end of the 3rd wave to the downside from the Minute impulsive move, which is the corrective wave Z of a higher degree Minor count. After this downfall from $3707 ended the 4th wave has begun and the price action created an ascending channel in which a Minuette WXY occurred.

The price increased to $3553 at first going higher than the previous lower high on the 4th Minute wave of the 3rd Minute one at $3506 at the 0.618 Fibonacci retracement level and then fell down to $3477, which was a higher low compared to the ending point of the 3rd Minute wave ending point. This was an early indication of the minor uptrend and was continued for another cycle going just slightly above the prior high, but then fell exactly on the same level as the prior low, which is an indication of the momentum slowing down and shifting direction.

From yesterday’s open at $34.755 the price of #Litecoin has started plummeting down, falling by 5.66% to its lowest point yesterday at $32.774. Since then, the price has gained some upward traction and is currently sitting at around $34 – slightly below yesterday’s price.

Looking at the hourly chart, you can see that yesterday’s open was the interaction with the ascending channel’s resistance line resulted in a rejection pushing the price strongly below the 0.786 Fibonacci retracement level and below the horizontal resistance zone (interrupted purple lines), which were serving as support on the way up above the 0.786.

From last week’s analysis on Tuesday, February 5th when the price of Bitcoin was $3501 the price has decreased at first as the resistance there was too strong for it to break out. Then the price has fallen to $3437 where it was hovering around in a minor horizontal range until Friday, when BTC started increasing exponentially and went from $3440 to $3800 at it’s highest spike. It was an increase of 10.5%.

As the price came up to the mentioned levels and interacted with the 0.5 Fibonacci level, we saw a retracement to the 0.328 Fibonacci level on which the price has retested it for support. The price is currently in an upward trajectory. But since there is a strong resistance point above it even if the price action has created a bull flag, we might not see a breakout just yet, as the price needs to establish firm support first.

Over the course of the last seven days, the price of Litecoin has increased by 24% as it went from $33.5 on last Thursday to $48.87 at its highest spike on last Friday but has since come down to and is currently sitting at $41.8.

On the hourly chart, we can see that the price broke out from the ascending channel on the upside with strong momentum last Friday. The wave structure implies that this is the continuation of the increase we have seen started in December last year when the price of Litecoin came up from $23.3 to $42, which has been labeled as the W wave and is the first wave out of the correction to the upside labeled as the Minor WXY.

From last week’s analysis on Tuesday, February 12th, when the price of Bitcoin was $3659 at its lowest point, the price has increased by 10.15% from today’s highest point of $4029. The price is currently at $3976.5, lower than the horizontal resistance at $3994.4 where the price has encountered resistance.

Looking at the hourly chart, you can see that the price broke out from the descending channel in which it was retracing since the first increase to the upside made on Friday 8th. The retracement was more of consolidation since we have seen it throughout the last 10 days. Strong momentum was shown as the price broke out many of the significant resistance points to the upside. The most significant one is the bold black line, which is the baseline support since the start of the bear market and was serving as resistance when it got broken on 21st of November last year.

From last Thursday when the price of #Litecoin was $51.54 at its lowest point, we have seen an increase of 27.78% measured to yesterday’s highest point of $53.511.

Looking at the hourly chart, you can see that the price of Litecoin has met my target as the 5th wave fully developed. It came up to the horizontal support zone’s median line and is now serving as strong resistance. The horizontal range has been entered, but since the interaction with the median line yesterday, the price has quickly started falling and came down by 6.76% in a matter of hours, indicating that the price has indeed entered the sellers’ territory.

Over the weekend the price of Bitcoin has continued its bullish trajectory as another increase was made of around 6.69% and the price of Bitcoin increased from $3994.4 on Friday’s low to around $4260 on Sunday’s highest point. But since the price came to those levels it started falling down fast and came to $3831 at its lowest point yesterday, which was a decrease of 10.16%. The price is currently sitting at $3890, slightly higher than its lowest point yesterday, but also slightly lower than its highest point at $3962.

Looking at the hourly chart, we can see that the price has interacted with the baseline support (bold black line) on yesterday’s low. It was the most significant resistance point to the upside and is the most significant support line from the start of the bear market. The price action created an ascending channel, which could likely end as a retest of the $3994.4 horizontal resistance level. It was broken on the yesterday’s decrease.

From last Thursday when the price of Litecoin was $50.56 we have seen an increase at first as the bullish upswing continued to push the price higher until Sunday when the price of Litecoin came up to $54.881 at its highest point. From there the price started declining fast as it came down by just over 20% in a matter of hours on Monday as the price was around $43.5 at its lowest point.

Since Monday’s low, the price has been hovering sideways around $46 level and is currently sitting at $47 level and is in an upward trajectory.